The dip is unlikely to affect the overall trajectory of rising values of new homes in the Japanese capital, which is being driven by factors including low supply and higher costs of raw materials and labour, analysts said.
Tokyo new condo prices fell last year, moderating to a more sustainable growth trend after a big jump in 2023.
The average price of a new apartment for sale in the Japanese capital and surrounding areas slipped 3.5% to JPY78 million ($675,500), according to the Real Estate Economic Institute. It was the first decrease in six years, and came after prices rose nearly 30% to a record in 2023 when several luxury condos went up for sale.
